Bitcoin (BTC) Options

Expiries, open interest and quotes across Deribit.

Positioning and volatility context

Bitcoin (BTC) has a reference forward of $81,510.50 with $32.65B of options open interest across Deribit: $20B in calls and $12B in puts, a put/call ratio of 0.61, more call than put open interest. The largest expiry is 30OCT26 with $11B open and a max pain of $78,000.00. At-the-money implied volatility for 30OCT26 is 34.0%, and the term structure is upward-sloping, so the market charges more for longer-dated protection. Open interest alone does not reveal whether positions were bought or sold.

Some venue quotes are unavailable; open-interest totals may be incomplete.

Reference forward

$81,510.50

Total OI

$32.65B

Put/Call (OI)

0.61

ATM IV (30OCT26)

34.0%

Open interest, max pain and ATM IV by expiry

Max pain is the expiry price that minimizes total payout to option holders, weighted by open interest. Click an expiry for the full chain.

Expiry	Days	Calls OI	Puts OI	Put/Call	Max pain	ATM IV	Strikes	Venues
23OCT26	0	$656M	$670M	1.02	$82,000.00	27.6%	30	Deribit
24OCT26	1	$66M	$95M	1.44	$83,500.00	31.6%	31	Deribit
25OCT26	2	$34M	$24M	0.70	$83,000.00	26.9%	30	Deribit
26OCT26	3	$20M	$43M	2.15	$81,500.00	26.7%	28	Deribit
30OCT26	7	$7B	$4B	0.57	$78,000.00	34.0%	56	Deribit
6NOV26	14	$656M	$260M	0.40	$82,000.00	37.6%	22	Deribit
13NOV26	21	$10M	$22M	2.16	$81,000.00	36.8%	15	Deribit
27NOV26	35	$2B	$1B	0.56	$81,000.00	36.4%	48	Deribit
25DEC26	63	$7B	$4B	0.62	$75,000.00	37.2%	59	Deribit
26MAR27	154	$2B	$1B	0.64	$76,000.00	37.9%	52	Deribit
25JUN27	245	$778M	$405M	0.52	$70,000.00	38.8%	54	Deribit
24SEP27	336	$191M	$178M	0.93	$84,000.00	39.2%	42	Deribit

Largest strikes by open interest

Across all expiries. Open interest does not identify dealer positions or whether they are long or short gamma.

Strike	Calls OI	Puts OI	vs forward
60000	$202M	$910M	-26.4%
70000	$543M	$764M	-14.1%
75000	$282M	$825M	-8.0%
78000	$247M	$609M	-4.3%
80000	$1B	$690M	-1.9%
82000	$514M	$304M	0.6%
84000	$536M	$256M	3.1%
85000	$780M	$171M	4.3%
88000	$923M	$104M	8.0%
90000	$2B	$69M	10.4%
95000	$2B	$29M	16.5%
100000	$2B	$28M	22.7%

Recent Derive trades

Trade history is incomplete. Derive prints over $50k notional, last 24h, compared with Deribit's current mark. Full tape.

Venue	Contract	Side	Size	Price	vs mark
Trade history is unavailable or incomplete.

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